We know ABS at Plume. Receivables-backed credit spans consumer, MCA, factoring, and more. Our nOPAL vault has grown from $0 to $120m in a year, fully backed by Brazilian consumer receivables. Our newest product, FACTOR, brings direct lending onchain, fully backed by enterprise receivables originated to the vault. Onchain markets bridge this gap with short duration receivable financing.

Per Moody’s, private credit “reported defaults” are 4.0%. Yet their actual “credit stress group” which includes PIK amendments and maturity extensions is 5.8% - about 45% higher. PIK is where companies elect to pay interest in equity, instead of cash, usually when cash is tight. This is the REAL default rate. The number you’re being quoted and the number that matters are not the same number. Question everything. The real teams who understand these assets will have answers. Those larping, will not.

We processed an $8m single-day redemption out of nOPAL today. Liquidity working as intended. That’s 6.7% of TVL. DeFi will have inflows/outflows, and while RWA redemptions aren’t instant, well structured assets will deliver every time. Set realistic expectations and meet them.

Distro distro distro All my questions in a open Q&A at this US asset managers offsite were centered around this We’re finally moving forward as a space No one cares about idle tokenized assets onchain

In July, SEC Commissioner Hester Peirce invited builders bringing asset management onchain to help shape rules for vault protocols. On Sept 22, our Head of Regulatory Strategy @ThatAlexPalmer, General Counsel @banamlas, and CBO and co-founder @teddyP_xyz met with the SEC's Crypto Task Force. Here's what they shared 🧵

that's exactly right - distro is the hardest piece to tackle as tokenization becomes even more commoditized thats why we chose to bring nONYC to monad for true defi and rwa scalability under @keoneHD's leadership and thanks to the one and only @Ayyanrahman as well for making reinsurance rumble through the onchain ecosystem

My crypto investing framework has 3 buckets. Religion, Fundamentals, Narrative 1) Religion - Coins that are bid bc ppl believe - BTC, ETH, ZEC - You are buying conviction. Figure out what will become a religion before it does 2) Fundamentals - real demand, real revenue, buybacks - $EDGE, $DRV, $SYRUP, $ETHERFI, $VVV, $PLUME, etc... - buy before ppl realize what's going on. Once it's obvious the move is mostly done 3) Narrative - hardest Bucket. highest R/R - Investors are forward looking and want to buy what's next - Narratives are either long or short term and you really need to know which is which. Long Term: - multi year themes that get re-bid every cycle - quantum, privacy, AI - you get multiple shots. $PRL, $QNT, $TAO earlier Short Term: - Day: Meme goes live, bid for hours, then gone - Weeks: something catches CT attention, everyone piles in 5-10 days, then poof. Memes paired w/ stocks is a recent example - Month: a mini cycle. Eg. RH eco gaining momentum lead to $PONS, $Cashcat, etc.. Narratives expire and there is always a new narrative. So you have to learn to TP. Narrative coins that survive make it to fundamental section -- There is only one coin that is all 3: - the cult of jeff - best fundamentals - the future of finance

I remember one of my convos during token2049 with a normie and had to explain to him that we are basically building an onchain brokerage account, like a fidelity/charles schwab the difference is we democratize access to products that tbh would be very tough to get irl. some of these opportunities we host on our plume vaults are gated behind private wealth managers that require folks to have a 7 to 8 fig net worth to even be considered was thinking about it more on the flight back to the US and it is definitely relieving to see that we have a whole host of products (from super institutional to high yielding) in our vaults and the menu keeps growing: - HELOCs with our friends at @Figure - cc receivables @blackopal_fi - invoice factoring with our FACTOR vault and DOP in NYC - IG bond funds with @Fidelity - treasuries with @WisdomTreeOnchn @InvescoUS @JHIAdvisors - private credit with @apolloglobal - structured credit with @FalconXGlobal - crypto carry fund with @Bitwise / @SuperstateInc - reinsurance with @onrefinance - high income fund with @Securitize / neuberger - fixed income with @DigiFTTech this is only a preview with much more on the way

Quick tldr on big milestones secured by @plumenetwork icymi: Asset managers: fidelity, apollo, Wisdomtree Distribution partners: etherfi, bybit, binance Regulatory licenses: adgm commercial, SEC TA, Bermuda Class M guess what’s next?

Incredibly excited to work with Fidelity, the 3rd largest asset manager in the world with ~$7 Trillion AUM and ~$19 Trillion AUC, to bring their assets to the onchain world Hear @teddyP_xyz speak with Cynthia, Fidelity's Head of Digital Assets, talk about our work together and the future of onchain asset management. Still just the beginning, much more to come!

When we first wrote to the SEC's Crypto Task Force in May 2025, tokenized RWAs were at $12.2B market, and stablecoins were at $233B. Today, tokenized RWAs are at $38.8B, and stablecoins have grown to $306B. Plume has been putting its views on tokenization in front of the SEC that entire time. Written input, a meeting with Task Force staff, House testimony, and most recently a framework on vaults (Much of it public). Vaults have been part of that record from day one. In our May 2025 letter, we proposed that registered investment companies use Plume Vaults, as the back-end for onchain open-end funds. In his March 2026 testimony to the House Financial Services Committee, @banamlas urged the SEC to let registered funds hold assets through onchain vault architectures. In July, Commissioner Peirce invited builders bringing asset management onchain to help shape new rules and guidance for vault protocols. As the developer of Plume Vaults, we took her up on it. In September, we met with the SEC and sent the Task Force a framework recommending that vault regulation sit with the curator and the vault token product (depending on specific facts and circumstances), not the neutral protocol layer nor the vault administrator. Plume was among the first to put onchain vaults forward to the SEC as a structure for tokenized funds and real-world assets. Links to every document are below. If you ever are in DC and want to talk vaults, my DMs are open.

upgraded this onchain cap table stack today full docs upgrade is up next (for issuers, devs, protocol DX) then a demo app on prod? connect wallet, manage cap table? it chews through plume:native (as gas; cause its only deployed there) but im not mad about that

Open Finance is the convergence of DeFi and TradFi’s best principles. We’ve learned a lot from connecting the world’s largest asset managers like Apollo, WisdomTree, and BlackRock to the largest onchain distribution channels like @binance, @Bybit_Official, and @ether_fi . ICYMI, or you’re too impatient to wait until next week, here’s the TL;DR on how we’re providing the rails that proliferate assets onchain